| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12274 |
| DP12274 Performance-induced CEO turnover | |
| Dirk Jenter; Katharina A. Lewellen | |
| 发表日期 | 2017-09-06 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper revisits the relationship between firm performance and CEO turnover. We drop the distinction between forced and voluntary turnovers and introduce the concept of performance-induced turnover, defined as turnover that would not have occurred had performance been “good”. We document a close link between performance and CEO turnover and estimate that between 38% and 55% of all turnovers are performance induced, with an even higher percentage early in tenure. This is significantly more than the number of forced turnovers identified in prior studies. We contrast the empirical properties of performance-induced turnovers with the predictions of Bayesian learning models of CEO turnover. Learning by boards about CEO ability appears to be slow, and boards act as if CEO ability (or match quality) was subject to frequent and sizeable shocks. |
| 主题 | Financial Economics ; Labour Economics |
| 关键词 | Ceo turnover Ceo-firm matching Turnover-performance relationship Corporate governance |
| URL | https://cepr.org/publications/dp12274 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541085 |
| 推荐引用方式 GB/T 7714 | Dirk Jenter,Katharina A. Lewellen. DP12274 Performance-induced CEO turnover. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
